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Critical Illness Insurance

Also known as Dread Disease policy. It is a type of insurance in which insurer him or herself receive the claim amount upon getting diagnosed with one of the disease which insurer promises to cover in the policy. The most common covered conditions are :

  • Cancer
  • Stroke
  • Heart Attack
  • Alzheimer’s disease
  • Aplastic anemia
  • Bacterial meningitis
  • Blindness
  • Various Tumors
  • Deafness
  • Coronary artery – bypass surgery
  • Kidney failure
  • Loss of independence existence

Policy payout (claim) could be designed to pay regular income while client recovering from ailment and can’t work, or money could be spent on treatment. However, before the claim could be considered by an insurer, some conditions needs to be fulfilled by insured(client) For example,

  • Survival period.  It is the time insured is expected to survive ( Time starts from the 1st diagnosis of the condition). The survivor period  may vary company to company
  • Diagnosis needs to be made by a specialist.
  • Often definition of the conditions are defined by insurer in application or prospectus.
  • Underwriting usually is more detailed in Critical illness policy, as compared life insurance policy.

*** When you meet with any financial advisor of INSURPRO , ask for more details.